10-K · September 16, 2026
Aeluma remains a development-stage photonics company with a potentially differentiated materials and manufacturing platform, government contract activity and $56.0 million of liquidity. However, fiscal 2026 revenue fell…
ALMU earnings analysis
10-Q · Filed November 12, 2026 · Our reading of the company's report
The latest report
Aeluma exceeded consensus with $568,000 of revenue and adjusted EPS of $(0.12), but the quarter remained financially weak: GAAP net loss was $3.756 million and revenue declined 59.0% year over year. Gross margin…
Read full summary
Aeluma exceeded consensus with $568,000 of revenue and adjusted EPS of $(0.12), but the quarter remained financially weak: GAAP net loss was $3.756 million and revenue declined 59.0% year over year. Gross margin improved to 40.3%, but the scale of losses and the ineffective disclosure controls reported as of September 30, 2026 are material negatives. No quantitative revenue or EPS guidance was provided, and management stated that there were no material changes to the risk factors in the June 30, 2026 Form 10-K.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.12
- Gross margin
- 40.3%
What stood out
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Revenue exceeded consensus
Revenue was $568,000, exceeding the $513,336 estimate by approximately 10.7%.
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Adjusted EPS beat estimate
Reported adjusted EPS was $(0.12), better than the $(0.13) estimate by $0.01 per share.
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Gross margin improved
Gross margin was 40.3%, an improvement from 25.6% in the prior reported quarter, a 14.7 percentage-point increase.
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Remediation efforts underway
Management is pursuing remediation of the material weakness by increasing accounting resources, enhancing review of non-routine transactions, and engaging a third-party internal-controls firm.
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Bylaws were amended
The company amended and restated its bylaws effective November 12, 2026, deferring to current state law regarding production of a stockholder list.
What to watch
-
Large loss relative to revenue
GAAP net loss increased to $3.756 million while revenue was only $568,000, indicating substantial operating-cost pressure and continued dependence on external capital or growth execution.
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Material weakness in controls
Disclosure controls were deemed ineffective as of September 30, 2026 because of a material weakness involving insufficient technical accounting personnel and control disciplines for complex transactions.
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Potential equity-sale overhang
The CEO's Rule 10b5-1 arrangement covered sales of up to 300,000 shares before being terminated on October 21, 2026, creating a disclosed potential source of equity-sale pressure.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management referenced fiscal 2027 product development, customer discussions, and manufacturing investment.
Earlier filings 4
10-Q · May 13, 2026
Aeluma Inc. reported Q3 fiscal 2026 results with revenues of $1.22 million, missing estimates of $1.35 million, while EPS matched expectations at -$0.04. The company narrowed its fiscal year 2026 revenue guidance to…
10-Q · February 11, 2026
Aeluma reported quarterly revenue of $1,272,000 (down $340,000 or 21.1% vs $1,612,000 a year ago) and GAAP net loss of $1,853,000 (loss per share $0.11). Liquidity materially improved after equity raises — cash and cash…
10-K · September 9, 2025
Aeluma positions itself as a wafer-scale heterogeneous integration semiconductor company targeting high-performance photodetectors for markets including mobile, defense, AI and quantum. The 10-K emphasizes recent…
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